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    FR   FR0013176526

VALEO

(FR)
  Report
Real-time Euronext Paris  -  04:46 2022-10-05 am EDT
15.85 EUR   -5.15%
10/04Valeo : Document AMF CP. 2022E864641
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10/03Valeo : Document AMF CP. 2022E864326
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09/30Valeo : Document AMF CP. 2022E863891
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Valeo posts profit beat amid 'improving' chip shortage, EV adoption accelerates

07/26/2022 | 02:15pm EDT
CES 2022 in Las Vegas

(Reuters) - French car parts maker Valeo on Tuesday posted slightly better-than-expected half-year core profit and reiterated its full-year guidance, citing a projected increase in global car output.

Valeo's half-year earnings before interest, tax, depreciation and amortisation fell nearly 8% year-on-year to 1.11 billion euros ($1.12 billion), but beat a company-supplied analyst consensus forecast of 1.07 billion euros.

"The context has been difficult," CEO Christophe Perillat told reporters, referring to microchip shortages that have dogged the automotive sector. However, he said the chip situation "is improving".

Additional pressures have come from rising costs in tight supply chains on which auto parts manufacturers rely to produce components.

Valeo said in February that it expected a 2022 core profit margin in a range of 11.8-12.3%, down from 13.4% last year.

IHS Markit, which tracks data and predicts automotive production, this month forecast global production of light vehicles would hit 81 million this year, up from about 77 million in 2021.

PUSH TOWARDS ELECTRIC VEHICLES

Valeo added in a statement it was "particularly pleased" with its order intake, especially in vehicle electrification and advanced driving assistance systems.

The European Union is pushing ahead with plans for net-zero emissions by 2050, prompting automakers and suppliers alike to ramp up investments in electric vehicles (EVs).

Valeo in recent months signed multiple deals and partnerships in the field of EVs, including a major contract with BMW to equip the German carmaker's upcoming EV platform with its advanced driving assistance systems (ADAS).

In February it announced jointly with Renault its plans to develop a new-generation electric-motor vehicle in France.

Valeo's "Move Up" plan which it unveiled in February bets on the accelerated adoption of vehicle electrification and ADAS systems.

The order intake for Valeo in the first six months of 2022 was 13.1 billion euros, and 2.9 billion for Valeo Siemens eAutomotive, the group said, adding this "puts us perfectly in line" with the Move Up plan.

($1 = 0.9872 euros)

(Reporting by Olivier Cherfan and Olivier Sorgho; Editing by David Goodman and Leslie Adler)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BMW AG -2.33% 71.11 Delayed Quote.-17.67%
RENAULT -2.69% 28.71 Real-time Quote.-3.40%
SIEMENS AG -1.17% 104.88 Delayed Quote.-30.36%
VALEO -5.15% 15.845 Real-time Quote.-37.15%
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Analyst Recommendations on VALEO
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Financials
Sales 2022 19 541 M 19 475 M 19 475 M
Net income 2022 206 M 205 M 205 M
Net Debt 2022 3 453 M 3 441 M 3 441 M
P/E ratio 2022 20,0x
Yield 2022 2,76%
Capitalization 4 012 M 3 999 M 3 999 M
EV / Sales 2022 0,38x
EV / Sales 2023 0,32x
Nbr of Employees 104 400
Free-Float 90,5%
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Technical analysis trends VALEO
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 16,71 €
Average target price 22,58 €
Spread / Average Target 35,2%
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Managers and Directors
Christophe Périllat-Piratoine Chief Executive Officer & Director
Robert Charvier Chief Financial Officer
Jacques Aschenbroich Chairman
Geoffrey Bouquot VP-Strategy & External Relations
Catherine Delhaye Chief Compliance & Ethics Officer
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